SEC Veteran Breaks Silence on Latest Development in Ripple Lawsuit

As a seasoned crypto investor with a knack for navigating the tumultuous seas of digital currency markets, I find myself closely watching the Ripple-SEC lawsuit developments with keen interest. With over a decade of experience in this industry, I’ve learned to anticipate twists and turns that could impact my investments.


As a crypto investor, I’ve been closely following the Ripple-SEC lawsuit, and in the most recent turn of events, Ripple has submitted a petition seeking to pause the financial aspect of the court ruling issued on August 7, 2024

The financial part of the verdict needs to be settled by September 6th, and Ripple has asked the court to consider their appeal for a stay prior to this date

In their filing dated September 4th, Ripple suggested depositing an amount equivalent to 111% of the judgment, approximately $139 million, into a bank account. This hold will persist for 30 days following the expiration of the appeal period or until any appeals are resolved. Ripple indicates that the SEC has agreed to their request for this temporary halt

Recently, a new event has stirred conversations within the XRP community about the potential for an appeal. For example, there was a discussion on this topic that included Marc Fagel, a former regional director at the SEC. Bill Morgan, a passionate XRP advocate and lawyer, commented on the latest Ripple lawsuit development, stating, “Both parties are considering appealing, but it doesn’t automatically mean either party will indeed appeal.”

Indeed, while the possibility that the SEC might choose to appeal is still very much up for debate, contrary to those who claim it’s an absolute certainty that they won’t

— Marc Fagel (@Marc_Fagel) September 4, 2024

Marc Fagel joined the discussion, agreeing to Morgan’s viewpoint and noting that the possibility of an SEC appeal remains very much a live issue: “True. Though it also means whether the SEC will appeal remains a very-much-live issue (contrary to all those who insist they will definitely not appeal).”

XRP community reacts

Experts in the XRP community who specialize in law have weighed in on the recent turn of events in the Ripple lawsuit. According to Fred Rispoli, one such legal expert, it appears that the chances may be growing for a possible appeal, but it’s important to note that this is not yet definitive

Rispoli added that “funding a trust isn’t typically done unless the SEC might be avoiding answering Ripple’s legal team about its plans to appeal.”

Jeremy Hogan, an attorney, expressed his opinion, suggesting that it’s probably still undecided whether the SEC intends to file an appeal or not. This is due to the fact that submitting a notice of appeal can be done quite quickly, sometimes even within 15 minutes, and then the actual brief needs to be filed within 70 days. Hogan believes that if the decision to appeal has already been made, there would be no reason for a delay in filing the initial notice

According to Hogan’s perspective, it is likely that a decision on any possible appeal will be made towards the end of summer next year

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2024-09-05 17:27